Al-Futtaim acquires $6.66 billion stake in Sino Retail Holdings.

Al-Futtaim Retail Group has agreed to acquire a majority stake in the Saudi Arabian company Sino Retail Corporation for 2.5 billion Riyals. The UAE-based company announced on Sunday that it plans to acquire 49.95% of Sino Retail's shares from shareholders, including Saudi FAS Holding and FAS Real Estate. The acquisition price is 44 Riyals per share, a premium of about 33% over the closing price on the Saudi Stock Exchange on Thursday. After a volatile trading period, Sino Retail closed at 29.70 Riyals on Sunday, down 10%. Sino Retail operates over 1650 stores in 11 countries. Al-Futtaim, a major retail brand operator in the Middle East and Asia, plans to work closely with Sino Retail's management and board of directors after the transaction is completed.